In April, the median monthly asking rent was at a record high, reaching over $1,900.
It's not all bad news. According to a report by Redfin, rents are starting to grow at a slower pace, a potential sign of relief for renters, especially those who want to save up for a down payment on a home.
The median monthly homebuyers BETWEEN INFLATION, grew 15% in April compared with a year ago, down from the 17% increase in March, according to Redfin. This was the first slowdown in a year.
Redfin Chief Economist Daryl Fairweather said in a statement that this may be a very early indication that the Fed's tactic of raising interest rates to quell inflation is working. The rate of inflation is doubled as a result of rents, according to Fairweather.
Currently, renters in popular migration spots, such as Portland, Oregon, and South Florida, are charged 30% more than this time last year, Fairweather said. Austin is getting hit the hardest with rents soaring by nearly 50% compared to 2021.
Only three out of the 50 most populous metro areas tracked by Redfin saw rent prices fall last month compared to a year ago. Renters in Milwaukee saw their rents decline 8%, while renters in Kansas City and Minneapolis saw their rents fall 4% and 2%.
According to Redfin data, the top 10 areas with the fastest rising rents are the 10 areas with the fastest rising rents.